This study follows Wang & Béland (2014) to build the actuarial model. The model is based on several assumptions: (1) the New Rural Pension Scheme policy framework will remain stable until 2058; (2) both central government and Gansu provincial government subsidies are collectively referred to as government subsidies; (3) according to the People’s Republic of China Social Insurance Law, the central government will adjust the basic pension and funded defined contribution subsidies based on the growth of residents’ income and inflation level; (4) because multiple payment were added in 2014 when the NRPS and the Urban Residents Pension Plan were merged, 2014 was set as the baseline year; (5) at the beginning of each year, the insured residents routinely pay the FDC component and the payment level they have selected remains stable for all years thereafter; (6) for the elderly people, all their adult children have participated in the NRPS and they can thus receive the basic pension amount.

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